Coinbase reveals a deep dive into the behavior of its customers.
The leading U.S. crypto exchange is publishing an internal newsletter, showing that crypto traders on the platform have an “ increased tendency ” to buy and trade altcoins.
Coinbase says Bitcoin (BTC) remains the king, but traders tend to show an increased interest in the altcoins during periods of rapid growth in the general cryptocurrency markets. Since 2019, users seem to be primarily interested in six cryptocurrencies.
“… A deeper cut shows that price volatility significantly changes consumer behavior relative to non-BTC assets. This trend first appeared in 2017 and is now visible in large peaks.
In particular at the end of 2019 (with Tezos, Chainlink, BAT, 0x and Stellar) and again in early 2020 (driven by Ethereum, Tezos and Chainlink). “
According to Coinbase, 50% of users who make at least five purchases start by buying Bitcoin and then investing in the altcoin market.
“To the extent that we believe that alternative assets and networks will provide differentiated services (in addition to storing value and digital gold as Bitcoin aims), it will be important for the industry to build support for these other assets as well.
Bitcoin is king and is likely to remain king for a long time. But it also clears the way for a thousand flowers to bloom. ”